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 After Bitcoin China took the lead in announcing the suspension of trading, other virtual currency exchanges have also followed suit. On the 15th, Huobi, OKCoin, Weibit and other platforms announced that they would cease trading. Among them, Huobi and OKCoin stated that they will notify all users before September 30 that they will stop trading, and will gradually stop all digital asset-renminbi transactions before October 31. At the same time, virtual currency prices continued to plummet across the board yesterday, with Bitcoin quotes falling below the 18,000 yuan mark.  Bitcoin platform ordered to stop trading According to multiple financial media reports, Chinese regulatory authorities require domestic Bitcoin exchanges to formulate a risk-free liquidation plan and shut down before the end of September. The resolution has now been deployed locally. Since the beginning of this year, virtual currencies represented by Bitcoin have surged several times across the board, attracting a large number of ordinary people without any technical or investment knowledge to enter this high-risk market. A person familiar with the matter revealed that the regulatory authorities shut down virtual currency exchanges mainly based on comprehensive considerations from three aspects: market risk, financial risk and social risk. On the 13th, the Internet Finance Association of China issued the "Tips on Preventing the Risks of Bitcoin and Other So-called "Virtual Currencies", pointing out that the Bitcoin trading platform has an expanded number of stakeholders and a strong speculative atmosphere, and is a tool for illegal and criminal activities such as money laundering, drug trafficking, smuggling, and illegal fund-raising.； Various so-called "coin" trading platforms have no basis for legal establishment in our country.  Bitcoin price fell by more than 40% in two days As of the evening of the 15th, the Bitcoin quotation on Huobi.com had dropped to around 17,630 yuan, a further drop of over 17% after plummeting to around 20,000 yuan the day before. Based on the highest price of around 32,000 yuan in early September, the domestic price of Bitcoin has shrunk by nearly 45% in less than half a month. ； Litecoin was quoted at 217 yuan, a drop of more than 29%. According to Reuters, since "Bitcoin China" announced that it would stop trading at the end of this month, the price of Bitcoin has fallen sharply by 11.3% to $3,426.92. This is also Bitcoin’s seventh consecutive day of decline, making it its longest decline in a year.  △Data map How did Bitcoin become popular? After the 2008 financial crisis, the United States implemented a quantitative easing monetary policy and continuously injected large amounts of currency into the market to stimulate economic development. This led to a sharp depreciation of the U.S. dollar, followed by major central banks around the world, which further intensified currency depreciation. People began to have deep doubts about the government's monopoly on currency issuance and currency credit. At this time, Bitcoin appeared. As the world's first virtual currency, Bitcoin has several major characteristics: anonymity, decentralization, non-tampering, non-traceability, cross-border flow, etc. In addition, the developer claims that its total quantity is limited (21 million) and its output is slowing down. They believe that virtual currency can not only make up for the natural shortcomings of legal currency, but also avoid supervision and conduct "underground" and cross-border capital transactions, so it must be vigorously promoted. In recent years, its momentum has become even more overwhelming. At its peak, its value increased 5 million times compared to 7 years ago. Participants quickly spread from the professional niche to the general public. At the same time, a large number of "virtual currencies" followed suit. Since 2017, the price of Litecoin has increased by 476%, the price of Ripple has increased by 54 times, and the price of Ethereum has increased by 13 times.  Why was the Bitcoin trading platform closed? In fact, in the "Dark Web" world, which is filled with all kinds of serious illegal and criminal activities, Bitcoin is becoming popular as the main payment tool. These illegal activities include: smuggling, drug trafficking, arms, pornography, assassination, etc. Bitcoin is increasingly becoming an "accomplice" in various illegal and criminal activities, lurking social risks. in the country, public investors face not only illegal crimes and speculative risks, but also risks brought by trading platforms. Recently, the Internet Finance Association pointed out in a risk warning that various so-called "coin" trading platforms have no basis for legal establishment in my country. As early as 2013, the People's Bank of China specified that Bitcoin is an "online virtual commodity" and not a legal tender. 98% of Bitcoin transactions in China are conducted through Bitcoin trading platforms. But these trading platforms are risky.
In recent years, regulatory authorities have been emphasizing the need to move away from virtual reality and protect the real economy. However, both in terms of technology and development direction, virtual currencies such as Bitcoin run counter to this concept. The recent round of supervision is not only the implementation of the spirit of the National Financial Work Conference, but also the protection of the legitimate rights and interests of investors, and the implementation of the concept of early prevention and early resolution of financial risks. 丨Source: CCTV News Editor in charge: Zhou Zhe  Long press the picture to identify the QR code and follow the Chinese search! |
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